What Happens if You File Taxes Late?
Here is the Good News and Bad
Well, I’d love to keep it pithy and say, “You don’t want to know,”
but you might care to learn what happens if you file your taxes late.
And what happens if you file taxes late largely depends on whether or not you owe the IRS money.
The reality is, filing taxes late can have serious consequences.
What is a Tax Return?
A tax return is an annual report that assembles and reports tax payments, tax deductions, etc for money earned during the prior calendar year.
Preparing your tax return can range from incredibly simple with a Form 1040,
to extremely complicated with the need for hiring a tax professional.
or seek to add additional schedules for reporting more complex passive income investments or tax positions.
This is especially the case if you have self-employment or freelance business income,
You might not even need to file a tax return to begin with.
Do I Need to File a Return?
That’s right. The IRS may not require you to file an individual tax return, depending on three specific criteria:
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